Vietnam boats advantages in foreign investment attraction

Vietnam is assessed to have plenty of room to compete for foreign direct investment (FDI) against major competitors in the current global production shift, said Nguyen Bich Lam, former Director General of the General Statistics Office.

Vietnam boats advantages in foreign investment attraction

In an inclusive interview with the Vietnam News Agency, Lam cited the 2021 investment report of the United Nations Conference on Trade and Development (UNCTAD) which said in 2020, Vietnam attracted 16 billion USD of FDI, entering the top 20 countries in the world in terms of FDI attraction for the first time.

Despite COVID-19, in the first ten months, 23.74 billion USD worth of FDI were poured into 18 sectors in Vietnam, with processing and manufacturing obtaining the lion’s share of the sum, at 53.7 percent or 12.74 billion USD. This meant that foreign investors are placing great trust in Vietnam as part of the global supply chain.

Also in the period, 7.09 billion USD were added to existing FDI projects in the nation, up 24.2 percent year-on-year, while foreign capital contribution and share purchase reached 3.63 billion USD.

In the ten months, Vietnam reeled in 267.93 billion USD worth of export turnover, up 28.2 percent annually. Of the sum, the FDI sector contributed more than 196.7 billion USD, an annual increase of 20.3 percent. The foreign-invested sector’s import value, meanwhile, reached nearly 176.9 billion USD, up 31.3 percent over the same period last year and accounting for 65.7 percent of the country’s total.

Regarding Vietnam's advantages in attracting foreign investment, Lam said the macro environment and politics are stable, the economy is dynamic, and the consumption market is expanding with abundant supply sources. He also listed consistent policies for foreign investment attraction and improving business climate.

 

In addition, Vietnam is a member of many large-scale multilateral and bilateral trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); Vietnam – EU Free Trade Agreement (EVFTA); and Vietnam’s several bilateral trade agreements with the US, the Republic of Korea, Japan, and the UK.

Lam noted that in order to effectively attract and maintain foreign investment in Vietnam, the Government and relevant ministries, sectors, and localities need to implement a number of solutions. Specifically, in the coming time, the Government should to review and promptly adjust foreign investment policies to keep up with fluctuations of the global economy and changes in FDI attraction strategies of other countries.

He also stressed the necessity to build and maintain such competitive advantages as open investment conditions and transparent legal system; to consolidate the stable macro foundation; and to have the right strategy in handling the COVID-19 epidemic and speed up the vaccination process.

Source: VNA

New foreign investment approvals seen hitting US$30 billion this year

New foreign investment approvals seen hitting US$30 billion this year

Vietnam attracted US$2.72 billion in new foreign investment approvals in November, raising the total in the January-November period to US$26.46 billion. 

 
 

Other News

.
Power Development Plan VIII under revision again
Power Development Plan VIII under revision again
BUSINESSicon  13/01/2022 

The draft Power Development Plan VIII is being revised again and expected to be submitted to the Prime Minister for approval in the first quarter of 2022.

M&A in technology booms during pandemic
M&A in technology booms during pandemic
BUSINESSicon  13/01/2022 

The Mergers and Acquisitions (M&A) market in Viet Nam has been going through a downturn due to the pandemic, but the technology sector is bucking the trend.

Auction mechanism for sustainable development of renewable energy market under scrutiny
Auction mechanism for sustainable development of renewable energy market under scrutiny
BUSINESSicon  13/01/2022 

A Policy Dialogue on “Auction Mechanism for Sustainable Development of the Renewable Energy Market” was held via an online format on January 11 by independent think tank Vietnam Initiative for Energy Transition (VIETSE).

Transport Ministry proposes allowing private firms to invest in airport projects
Transport Ministry proposes allowing private firms to invest in airport projects
BUSINESSicon  13/01/2022 

The Ministry of Transport has proposed mobilizing private resources under the public-private partnership model for new airport projects, such as Quang Tri, Sa Pa and Cao Bang.

Trinh Van Quyet’s transaction canceled, securities accounts blocked
Trinh Van Quyet’s transaction canceled, securities accounts blocked
BUSINESSicon  12/01/2022 

An unreported transaction made by Trinh Van Quyet, Chair of FLC Group, worth VND1.6-1.8 trillion on January 10 has been canceled as he did not report the deal.

Tan Hoang Minh Group withdraws from Thu Thiem land auction, accepts loss of deposit
Tan Hoang Minh Group withdraws from Thu Thiem land auction, accepts loss of deposit
FEATUREicon  12/01/2022 

Tan Hoang Minh Group has sent a letter to the Party, State and Government leaders, and HCM City People’s Committee about its decision to withdraw from Thu Thiem land purchase that it won at auction in mid-December.

Bad debts need to be curbed
Bad debts need to be curbed
BUSINESSicon  13/01/2022 

After the Circular issued by the State Bank of Vietnam on debt restructuring, many bad debts of commercial banks have become non-bad debts because they do not have to change the debt groups.

Vietnam ranks third worldwide in terms of rubber export value
Vietnam ranks third worldwide in terms of rubber export value
BUSINESSicon  12/01/2022 

Vietnam ranked third in the world in terms of rubber export value, with 3.24 billion USD in 2021, up 36.2 percent from the previous year, the Ministry of Agriculture and Rural Development (MARD) said.

China reopens one more border gate with Vietnam for fresh fruit imports
China reopens one more border gate with Vietnam for fresh fruit imports
BUSINESSicon  12/01/2022 

Chinese authority on January 12 re-opened its Hekou International Border Gate for imported fresh fruits, including dragon fruit, and frozen foods from Vietnam, according to the Ministry of Industry and Trade.

Vietnamese banks’ charter capital surged in 2021
Vietnamese banks’ charter capital surged in 2021
BUSINESSicon  12/01/2022 

Banks increased their charter capital by more than VND110 quadrillion in 2021 - the highest annual growth to date - to enhance financial strength and meet the central bank’s regulations.

VN to boost domestic 'supporting industries'
VN to boost domestic 'supporting industries'
BUSINESSicon  12/01/2022 

Vietnam is looking to work closely with foreign firms such as Samsung and Toyota to boost the supply of parts within the country, according to the Ministry of Industry and Trade.

VIETNAM BUSINESS NEWS JANUARY 12
VIETNAM BUSINESS NEWS JANUARY 12
BUSINESSicon  12/01/2022 

Tra fish exports predicted to hit 1.7 billion USD this year

Vietnam first Southeast Asian country to earn over US$1 billion from exports to Hungary
Vietnam first Southeast Asian country to earn over US$1 billion from exports to Hungary
BUSINESSicon  12/01/2022 

Vietnam has become the first Southeast Asian nation to earn over 1 billion USD from exporting goods to Hungary and the European country’s leading exporter from this region since 2000, according to the Ministry of Industry and Trade.

Vietnam has 683,600 operational firms: economic census
Vietnam has 683,600 operational firms: economic census
BUSINESSicon  12/01/2022 

As of December 31, 2020, Vietnam counted 683,600 operational enterprises, up 35.3 percent from 2016, the 2021 economic census revealed.

Hanoi to welcome launch of 26,000 apartment units in 2022: C&W Vietnam
Hanoi to welcome launch of 26,000 apartment units in 2022: C&W Vietnam
BUSINESSicon  12/01/2022 

Around 26,000 apartment units are expected to be launched in Hanoi in 2022, signaling a vibrant outlook for the segment, according to real estate service provider Cushman & Wakefield (C&W) Vietnam.

Laos top recipient of Vietnam’s overseas investment
Laos top recipient of Vietnam’s overseas investment
BUSINESSicon  12/01/2022 

Laos has been the largest recipient of Vietnam's overseas investment so far, with 209 projects totalling 5.1 billion USD in registered capital, Minister of Planning and Investment Nguyen Chi Dung has said.

Top 5 commodity brokers in Vietnam revealed
Top 5 commodity brokers in Vietnam revealed
BUSINESSicon  12/01/2022 

The five companies holding the largest commodity brokerage market shares in Vietnam sustained their positions in 2021, according to the Mercantile Exchange of Vietnam (MXV).

VN auto market grows slightly in 2021
VN auto market grows slightly in 2021
BUSINESSicon  12/01/2022 

Vietnam’s automobile market recorded slight growth in 2021, data from manufacturers showed.

Vietnamese billionaire sells shares without necessary report
Vietnamese billionaire sells shares without necessary report
BUSINESSicon  11/01/2022 

The State Securities Commission (SSC) has released a notice about a stock transaction without a report from Trinh Van Quyet, President of FLC Group.

Vietnam's tourism revives, starts again from scratch
Vietnam's tourism revives, starts again from scratch
FEATUREicon  12/01/2022 

The market is completely new after Covid-19. All players, small and large, will be at the starting point. Those who have a good start will obtain more market share.

 
 
 
Leave your comment on an article

OR QUICK LOGIN